Canada’s main stock index edged higher on Wednesday, with investors waiting to see Russia’s next move in its standoff with Ukraine after Western sanctions were imposed on Moscow.
The S&P/TSX index gained 45.63 points to open Wednesday at 20,953.45.
The Canadian dollar jumped 0.41 cents to 78.73 cents U.S.
Prime Minister Justin Trudeau announced on Tuesday a first round of economic sanctions on Russia a day after Moscow recognized the Ukraine separatist regions of Donetsk and Luhansk as independent.
National Bank of Canada raised the target price on Bank of Montreal to $163.00 from $151.00. BMO shares gained 23 cents to $146.61.
Veritas Research raised the rating on Neighbourly Pharmacy to buy from reduce. Neighbourly shares lopped off 20 cents to $28.00
National Bank of Canada raised the price target on Royal Bank of Canada to $147.00 from $140.00. RBC shares lost 57 cents to $147.78.
ON BAYSTREET
The TSX Venture Exchange revived 8.31 points, or 1%, to 828.37.
Eight of the 12 TSX subgroups were on the march in the first hour, with energy sprinting 1.5%, real-estate improving 0.9%, and consumer discretionary stocks better by 0.8%.
The four laggards were weighed most by industrials, down 0.3%, while financials and health-care each sagged 0.2%.
ON WALLSTREET
The S&P 500 moved between gains and losses on Wednesday, a day after closing in correction territory amid escalating tensions between Russia and Ukraine.
The Dow Jones Industrials erased 21.94 points, to open Wednesday at 33,574.67.
The S&P 500 sagged 1.55 points to 4,302.79.
The NASDAQ Composite Index lost 19.5 points to 13,361.02
As of Friday 78% of S&P 500 companies that have reported have topped earnings estimates, while 78% have exceeded revenue expectations.
Home retailing giant Lowe’s rose more than 4% after beating earnings forecasts and announcing sales rose 5%.
Investors are also facing concerns about record inflation and the Federal Reserve’s monetary policy pivot which could result is rate hikes as soon as next month.
On Tuesday afternoon President Joe Biden announced a first tranche of sanctions against Russia. The measures target Russian banks, the country’s sovereign debt and three individuals.
Wall Street is betting that there’s a 100% chance of a rate hike at the Federal Reserve’s March meeting. With inflation running hot, calls for a 50-basis point hike at the March meeting had been accelerating.
Prices for the 10-year Treasury lost ground, raising yields to 1.97% from Tuesday’s 1.95%. Treasury prices and yields move in opposite directions.
Oil prices jumped $1.38 to $93.29 U.S. a barrel.
Gold prices took on 80 cents to $1,908.20.